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Quester tops up

Quester Capital Management is raising another £2m for the Quester
5 venture capital trust (VCT).

Quester 5 was established in December 2001 and started investing
in unquoted companies in May 2002. has raised £18.6m to date. It
currently invests in seven teen unquoted companies at different
stages of development. Most of these companies are involved in
technology and related areas such as telecommunications.

The objective of Quester 5 is to provide income and growth by
investing mainly in unquoted companies which could include start
ups and established businesses looking to trade on the Alternative
investment market (Aim). Around 15 per cent will also go into a
portfolio of quoted companies and fixed-interest securities managed
by Newton.

This VCT is a generalist VCT that diversifies across sectors and
companies at different stages of development. It will look for
innovative companies that offer good growth potential and will
co-invest alongside Quester 4 VCT and the institutional Quester
venture partnership fund.

VCT investors tend to be high-net-worth clients on entrepreneurial
investors who are looking for the tax breaks that VCTs offer. Some
investors will want to take advantage of low valuations among
unquoted companies.

Quester Capital Management is best known for its track record in
technology and related areas, and the VCT is likely to contain a fair
amount of these companies. This might not go down well with some
investors who regard technology as too risky, but others may see the
current low valuaitons within the unquoted sector as a reason to
invest.

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